You’re missing one very important point, ASB has a limit of 200k deposit, and any further than that, your money in ASB can only increase by dividend compounding.

The main point of ASB loan is to reach that deposit limit at the first year itself, as this gives you two main advantage over own savings - a) higher base for dividend compounding from the start, and b) MUCH MUCH faster way to increase your deposit limit (as deposit limit is only increased by dividend after your ASB has reached 200k) which might not give you benefit in terms of monetary benefit, but it gives you a great opportunity to invest in the future if you have extra money (sold a house or something).

In essence, you can not keep on depositing 12k++ each year for 30 years as that would mean you’re depositing around 360k++.

Your deposit limit will only increase based on any dividend growth after you’ve hit the 200k limit, so you can deposit until the 16th year or so, and then your growth is only limited by the dividend that you earn. That’s why your calculation is wrong.

Put in the scenario whereby you can not deposit any further once you’ve hit 200k on your ASB and then see how much balance you’ll get at the end of 30 years and it will be a whole different story.

Of course you can always open ASB 2 and then put in another 200k there, but again, it’s limited to 200k only, and the units are limited unlike ASB.

A better comparison should be ASB loan vs TH own savings, as Tabung haji has no limit on deposit, but of course lower dividend and bonus too.

If you’re doing calculations, I would suggest doing it like this -:

a) ASB own savings until 200k limit reached by 12k deposit/year

AND

b) TH/ASB 2 own savings of 12k deposit/year until 30 years after you’ve hit the limit on ASB

That way, you’ll get a better comparison since you would have saved/paid 12k per year for 30 years in both using ASB loan or saving yourself.